Finder makes money from featured partners, but editorial opinions are our own.

Grants and schemes for first home buyers worth $50K-plus

For first home buyers, there’s a range of grants, incentives and programs that could help you into your own home sooner than later.

The first hurdle to clear is saving a home loan deposit. The median price for a home in regional Australia is around $600,000 and between $700,000 and $1 million-plus in our capital cities.

To save a 20% deposit, which banks would prefer, you'll need to squirrel away 6 figures' in savings. Unless…

  • You qualify for the federal First Home Super Saver Scheme, which helps you save more towards a deposit using tax breaks. Essentially, you pay less tax and redeploy those savings into your home deposit.
  • There's also the First Home Guarantee (formerly the First Home Loan Deposit Scheme). This can help eligible first-time buyers nationally buy with a deposit as low as just 5%, if you have the income to support the larger loan size. On a $700,000 purchase price, this means a deposit of $35,000.
  • Lastly, you could co-buy with the government using the Help to Buy scheme. Yes, it owns 30–40% of your home, but it means you only have a mortgage worth 60–70% of the purchase price, less a deposit of just 2%. On a $700,000 purchase price of an established home, with the government owning 30%, this means a deposit of $14,000, a mortgage of $476,000 and monthly repayments of around $2,850.

Assuming you have your deposit sorted and you've looked into the above opportunities to get a leg up, what is available for you in each state?

NSW

  • $10,000 when building a new home under the First Home Owner Grant (New Homes) scheme. The value of the property must be $600,000 or under, or $750,000 for a house-and-land package.
  • The First Home Buyers Assistance scheme provides first-time buyers in NSW with stamp duty exemptions, which could save you tens of thousands of dollars. You'll get:
    • A full exemption when purchasing a new or existing home up to $800,000.
    • A discount when purchasing between $800,001 and $1 million.
    • If you buy vacant land under $350,000, you'll pay no stamp duty. You'll receive a discount if it's between $350,000 and $450,000.

VICTORIA

  • $10,000 First Home Owner Grant is available to eligible applicants buying or building a new home valued at up to $750,000.
  • Victoria's stamp duty discounts are available up to $750,000. First home buyers purchasing a new or established home valued below $600,000 will be exempt from paying stamp duty altogether, while buyers of homes priced between $600,001 and $750,000 are eligible for a stamp duty concession, applied on a sliding scale.

QUEENSLAND

  • The Queensland first home owner grant now offers a generous $30,000 to first-time owners buying or building a new home on homes priced at up to $750,000.
  • There is also stamp duty relief available, but the cap is on the lower side: Queensland's first home buyer stamp duty exemption is only available on properties priced up to $550,000.

SOUTH AUSTRALIA

  • The first home owner grant of $15,000 is available when you spend up to $650,000 on a brand new home or when you build your own home.
  • You'll also get a 100% stamp duty waiver on homes under $650K and a discount if you pay between $650,000 and $700,000.

TASMANIA

  • Tasmania's first home owner grant is worth a whopping $30,000. There is one big caveat, however: existing houses don't qualify, so it must be a new home (or you enter a contract to build).
  • However, Tassie has one of the least-generous stamp duty discount policies on offer for first-home buyers: 50% off on homes up to $400,000. That means you're looking at a 5-figure stamp duty bill.

CANBERRA

  • The ACT offers no first home owner grants to its residents.
  • You may be eligible for a stamp duty waiver, if the buyers earn less than $170,000 combined (a little more if you have dependent children). The value of the first home buyer concession you can receive is capped – for 2023/24, it's $34,504.

NORTHERN TERRITORY

  • The Northern Territory's $10,000 First Home Owner Grant is available to eligible applicants who purchase or construct a new home, with no value cap on the property you buy or build and no income restrictions.
  • There are also no stamp duty discounts specifically for first home buyers, but there is a stamp duty exemption in the NT for those buying a house-and-land package.

WESTERN AUSTRALIA

  • A grant of $10,000 is available when buying or building a new home in WA, with some (literal) lines in the sand around eligibility.
  • Properties located south of the 26th parallel south latitude must be priced at less than $750,000 to qualify. Properties north of the 26th parallel south latitude can be valued at up to $1 million.
  • The First Home Owner Rate of Duty also provides stamp duty exemptions when purchasing homes valued at less than $530,000 and vacant land less than $400,000.

Buying your first home doesn't need to be scary. We've crafted a FREE 8-week course to help you on your way, packed with everything a new homeowner needs to know, from trying to figure out your budget to what to do on the day you pick up your keys. Sign up here.

More guides on Finder

  • 4 disadvantages of refinancing your home loan

    Refinancing your home loan can get you a better interest rate, adjust your loan term and take advantage of new features, but there are some things to look out for to make sure it's the right decision for you.

  • Compare some of the best home loan cashback offers

    Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.

  • Qantas Money Home Loans

    Get 100,000 Qantas Frequent Flyer points per year with a Qantas Money home loan, available for owner-occupiers and investors.

  • Lendi Review

    Lendi is an online home loan platform that can help you compare and apply for mortgages online.

  • Average Australian mortgage statistics

    Our comprehensive guide to home loan statistics.

  • Compare low deposit home loans

    You may be able to get a low deposit home loan with just a 5% cash deposit. Here are the lenders who are more likely to lend you a 95% loan.

  • Compare investment home loan rates

    The best investor home loan rates that have been offered in years have hit the market. Compare investment property loan rates today.

  • Cheap home loans

    Find the cheapest home loan rates and learn how to decide which one best fits your needs and will save you the most money.

  • Best home loans with offset accounts

    What is an offset account? It can save you thousands in interest and help you own your home sooner.

Ask a Question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site